NEW DELHI: Leading bread manufacturer, Modern Foods on Friday announced that it is set to expand its business verticals, especially into the health and wellness, and packaged foods segments.
Speaking after the launch of its revamped brand identity, Modern Foods’ chief executive officer and Board Member, Aseem Soni said that the company was looking to grow its revenues four-fold by 2021, riding on the expansion of its portfolio.
“We are looking at a 25 per cent increase in revenue by FY17-18. We would like to quadruple it (the revenue by 2021),” said Soni, adding that the figure would hit Rs 1,000 crore by that year.
The company, acquired by Singapore-based Everstone Capital, registered Rs 270 crore in revenue in 2016-17. The company and its promoters, however, say they are going to be aggressive in expanding its reach, primarily through diversification.
The main focus will be on the health and wellness segment and value added products. It is also looking at branching our into other packaged foods like biscuits, noodles etc. The company is also considering collaborating or acquiring good local brands as part of the expansion.
“We will venture into new categories and markets, either alone or with collaborations. We are looking at entering the packaged foods market,” pointed out Everstone Capital Asia, managing director Rajev Shukla.
Resource: http://www.newindianexpress.com
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